Ambu (Buy, TP: DKK225.00) - New CEO resets expectations
Following the change of CEO, Ambu last night announced the results of its reviewed 2020 strategy, with new financial targets leaving c20% downside to consensus EPS for 2018/19–2019/20. Changes mainly related to the decision to discontinue the SC210 colonoscope and increased investments to support the visualisation platform. We could see the share price down as much as 20%+ based on the revised targets, while we highlight that existing products (core business, pulmonary and ENT) add up to cDKK80/share out of our latest SOTP DCF value of DKK225.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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